Lahontan Gold Corp is pleased to announce a non-brokered private placement financing for gross proceeds of up to $720,000. The financing will be achieved through the issuance of up to 36,000,000 common shares. Proceeds from the Offering will be allocated to various crucial aspects of the Company's operations, including general and administrative expenses, exploration activities, metallurgical testing, and exploration permitting.
Lahontan Gold Corp. has announced a non-brokered private placement financing for up to $720,000. The financing will be achieved through the issuance of up to 36,000,000 common shares. Proceeds from the Offering will be allocated to various crucial aspects of the Company's operations. Approximately 29% will be dedicated to general and administrative expenses, while another 29% will be channeled towards exploration activities at the Company's Santa Fe Mine Project.
An allocation of 17% is earmarked for metallurgical testing and supporting consultants for the Santa Fe Mine Project. The remaining 25% will be utilized for exploration permitting at the Santa Fe Mine Project. It is important to note that less than 10% of the proceeds from the Offering will be directed towards payments to non-arm's length parties of the Company, excluding normal course compensation for officers, directors, employees, and consultants as part of general working capital purposes or to persons conducting investor relations activities. The closing of the Offering is contingent upon the receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Lahontan Gold Corp., a Canadian mine development and mineral exploration company, holds four top-tier gold and silver exploration properties in the Walker Lane of mining-friendly Nevada through its US subsidiaries. The Company's flagship property, the 26.4 km Santa Fe Mine project, boasts a history of production, yielding 356,000 ounces of gold and 784,000 ounces of silver between 1988 and 1995 from open-pit mines utilizing heap-leach processing (Nevada Division of Minerals). The Santa Fe Mine possesses a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq (grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq (grading 0.76 g/t Au Eq), all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report). For detailed information, please visit the Company's website. The Santa Fe Project Technical Report, authored by Trevor Rabb, P. Geo, Darcy Baker, PhD, P. Geo., and Kenji Umeno, P. Eng., with an Effective Date of October 9, 2024, and a Report Date of November 27, 2024, is accessible on the Company's website and SEDAR+. Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FINANCING INVESTMENTS GOLD MINING EXPLORATION TSX VENTURE EXCHANGE
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